For what it’s worth, these are second-tier numbers at best, so there’s no reason for the market to react to them much. Investors are more focused on the kumbaya noises coming out of Europe and the need to dress up their windows ahead of the end of the year.

The Dow is up 145 points, about where it was before the data. The S&P is up 1.5% to 1263 and the Nasdaq is up 1.5%.

But these small economic disappointments are at least consistent with the idea some put forward last week that economic expectations — as measured by the Citigroup economic surprise index, among others — have gotten too optimistic. That could become an issue for markets down the road.

About MarketBeat

MarketBeat looks under the hood of Wall Street each day, finding market-moving news, analyzing trends and highlighting noteworthy commentary from the best blogs and research. MarketBeat is updated frequently throughout the day, helping investors stay on top of what’s happening in the markets. Lead writers Paul Vigna and Steven Russolillo spearhead the MarketBeat team, with contributions from other Journal reporters and editors. Have a comment? Write to paul.vigna@wsj.com or steven.russolillo@wsj.com.